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PVI vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PVI vs. QQQ

Last updated Jun 4, 2026

PVI (Invesco VRDO Tax-Free ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - PVI is a Municipal Bonds fund tracking the ICE US Municipal AMT-Free VRDO Constrained Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, PVI returned 1.31%/yr vs 21.94%/yr for QQQ. At a 0.00 correlation, their price movements are largely independent. PVI charges 0.25%/yr vs 0.18%/yr for QQQ.

Performance

PVI vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco VRDO Tax-Free ETF (PVI) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, PVI achieves a 0.74% return, which is significantly lower than QQQ's 21.30% return. Over the past 10 years, PVI has underperformed QQQ with an annualized return of 1.31%, while QQQ has yielded a comparatively higher 21.94% annualized return.

PVI

1D
0.06%
1M
0.68%
YTD
0.74%
6M
1.28%
1Y
2.32%
3Y*
2.64%
5Y*
1.96%
10Y*
1.31%

QQQ

1D
-0.26%
1M
10.60%
YTD
21.30%
6M
19.66%
1Y
41.82%
3Y*
28.78%
5Y*
17.97%
10Y*
21.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PVI vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PVI
Invesco VRDO Tax-Free ETF		0.74%3.12%2.43%2.74%0.89%-0.07%0.17%1.18%1.21%0.44%
QQQ
Invesco QQQ ETF		21.30%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%

Correlation

The correlation between PVI and QQQ is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.01

Correlation (3Y)
Calculated over the trailing 3-year period

0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.04

Correlation (10Y)
Calculated over the trailing 10-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Nov 16, 2007

0.00

PVI vs. QQQ - Sectors Allocation Comparison

Sectors
PVI
QQQ

Consumer Cyclical

0.3%
12.3%

Basic Materials

-

1.1%

Communication Services

-

15.8%

Consumer Defensive

-

7.7%

Energy

-

0.6%

Financial Services

-

0.2%

Healthcare

-

4.2%

Industrials

-

2.8%

Real Estate

-

0.1%

Technology

-

53.8%

Utilities

-

1.4%

Consumer Cyclical

PVI
0.3%
QQQ
12.3%

Basic Materials

PVI

-

QQQ
1.1%

Communication Services

PVI

-

QQQ
15.8%

Consumer Defensive

PVI

-

QQQ
7.7%

Energy

PVI

-

QQQ
0.6%

Financial Services

PVI

-

QQQ
0.2%

Healthcare

PVI

-

QQQ
4.2%

Industrials

PVI

-

QQQ
2.8%

Real Estate

PVI

-

QQQ
0.1%

Technology

PVI

-

QQQ
53.8%

Utilities

PVI

-

QQQ
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco VRDO Tax-Free ETF

Invesco QQQ ETF

Often compared with PVI:
PVI vs. BABPVI vs. MEARPVI vs. FXAIXPVI vs. MOPVI vs. FLMIPVI vs. SUBPVI vs. BKLN
Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. QQQI

Return for Risk

PVI vs. QQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PVI
PVI Risk / Return Rank: 3434
Overall Rank
PVI Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
PVI Sortino Ratio Rank: 2424
Sortino Ratio Rank
PVI Omega Ratio Rank: 2626
Omega Ratio Rank
PVI Calmar Ratio Rank: 4848
Calmar Ratio Rank
PVI Martin Ratio Rank: 4646
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 7373
Overall Rank
QQQ Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 7575
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7474
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6969
Calmar Ratio Rank
QQQ Martin Ratio Rank: 7171
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PVI vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco VRDO Tax-Free ETF (PVI) and Invesco QQQ ETF (QQQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

PVIQQQDifference
Sharpe ratioReturn per unit of total volatility
0.88
2.64

-1.76

Sortino ratioReturn per unit of downside risk
1.31
3.45

-2.13

Omega ratioGain probability vs. loss probability

1.17

1.45

-0.28

Calmar ratioReturn relative to maximum drawdown

2.36

3.51

-1.15

Martin ratioReturn relative to average drawdown

7.62

13.49

-5.88

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PVI vs. QQQ - Sharpe Ratio Comparison

The current PVI Sharpe Ratio is 0.88, which is lower than the QQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of PVI and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PVIQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.88

2.64

-1.76

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.00

0.81

+0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

0.99

-0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.41

+0.12

Drawdowns

PVI vs. QQQ - Drawdown Comparison

The maximum PVI drawdown since its inception was -4.10%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for PVI and QQQ.

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Drawdown Indicators

PVIQQQDifference

Max Drawdown

Largest peak-to-trough decline

-4.10%

-82.97%

+78.87%

Max Drawdown (1Y)

Largest decline over 1 year

-0.99%

-11.96%

+10.97%

Max Drawdown (3Y)

Largest decline over 3 years

-1.17%

-22.77%

+21.60%

Max Drawdown (5Y)

Largest decline over 5 years

-1.17%

-35.12%

+33.95%

Max Drawdown (10Y)

Largest decline over 10 years

-1.17%

-35.12%

+33.95%

Current Drawdown

Current decline from peak

0.00%

-0.26%

+0.26%

Average Drawdown

Average peak-to-trough decline

-0.28%

-32.79%

+32.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.30%

3.11%

-2.81%

Volatility

PVI vs. QQQ - Volatility Comparison

The current volatility for Invesco VRDO Tax-Free ETF (PVI) is 0.76%, while Invesco QQQ ETF (QQQ) has a volatility of 4.49%. This indicates that PVI experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

PVIQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.76%

4.49%

-3.73%

Volatility (6M)

Calculated over the trailing 6-month period

1.81%

12.10%

-10.29%

Volatility (1Y)

Calculated over the trailing 1-year period

2.66%

15.94%

-13.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.97%

22.38%

-20.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.75%

22.29%

-20.54%

PVI vs. QQQ - Expense Ratio Comparison

PVI has a 0.25% expense ratio, which is higher than QQQ's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PVI vs. QQQ - Dividend Comparison

PVI's dividend yield for the trailing twelve months is around 2.14%, more than QQQ's 0.38% yield.

PositionTTM20252024202320222021202020192018201720162015
PVI
Invesco VRDO Tax-Free ETF		2.14%2.22%2.72%3.36%0.56%0.00%0.36%1.15%1.14%0.56%0.13%0.00%
QQQ
Invesco QQQ ETF		0.38%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%

Frequently Asked Questions

PVI and QQQ have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QQQ has higher volatility (4.49%) compared to PVI (0.76%). In terms of maximum drawdown, PVI dropped -4.10% vs QQQ's -82.97%.

On 10-year performance, QQQ leads with 21.94% vs 1.31% for PVI. On fees, QQQ is cheaper at 0.18% per year. On volatility, PVI has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QQQ has performed better with a 21.94% return vs 1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.25% for PVI.

PVI has the higher dividend yield at 2.14%, compared with 0.38% for QQQ.

PVI is categorized as Municipal Bonds, while QQQ is Nasdaq-100. PVI tracks ICE US Municipal AMT-Free VRDO Constrained Index, while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.25% for PVI and 0.18% for QQQ.

QQQ currently has the higher Sharpe Ratio (2.64 vs 0.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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